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Renewables Power Market Update July 2025
In a historic milestone for the energy transition, EU wind and solar power surpassed fossil fuel generation throughout most of 2024. Arriving at this point, the power market showcased the expected characteristics of a RES-dominated power system clearer than ever.
Power prices in 2024 continued to decrease compared to the previous year, yet prices remain above pre-crisis levels from before 2020 and continue to be driven mainly by natural gas prices. The seasonal pattern is visible again, although with more pronounced summer lows and winter scarcity highs.
PV capture rates strikingly continued the cannibalisation trend. In well-interconnected markets, cannibalisation is visible across borders, reducing the explanatory power of the domestic PV share on actual capture rates. At the same time, PV is strongly affected by the record levels of negative prices.
The RES buildout also drives volatility, with Day-ahead spreads remaining on a high level despite decreasing base prices. In the years ahead, that volatility is here to stay, since RES additions are expected to outpace battery and flexibility buildout.
In this free market report, we are taking a look back at the most important developments of the previous year across the European power markets and highlight the learnings for wind and solar assets as well as for battery storage.
Contents
- European comparison of capture prices and rates for PV and onshore wind
- Spotlight on negative power prices and price volatility across Europe
- Impacts on PV, wind and battery assets
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This comprehensive study shows the development of RES capture rates and capture prices as well as negative prices across 25 European power markets. Learn from last year’s power market developments and gain insight into price volatility.
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